Yuval Noah Harari, professor of history at Hebrew University in Jerusalem, is not only a best-selling author but also a top advisor to Klaus Schwab, founder and front man of the World Economic Forum (WEF). In 2018, Harari wrote : “Unfortunately, ‘free will’ isn’t a scientific reality. It is a myth inherited from Christian theology.” And, in a 2019
We’re now in the world of negative interest rates, and Mises’s insights about human action are the key to understanding the implications of this, and in understanding the impossibility of a negative “natural” or “originary” interest rate, writes Thorsten Polleit . This audio Mises Daily is narrated by Robert
The close followers of the work of Ludwig von Mises (1881–1973), one of the leading thinkers of the Austrian School of Economics, maintain that economics is an a priori science, “a science whose propositions can be given a rigorous logical justification, which distinguishes Austrians, or more precisely Misesians, from all other current economic
The law of diminishing marginal utility is at the heart of the explanation of numerous economic phenomena, including time preference and the value of goods; and it also plays a crucial role in showing that socialism is economically and ethically inferior to capitalism. The law of diminishing marginal utility, as developed by Carl Menger
I. How do we know about the outer world — or reality, for that matter? Where does our knowledge about it come from? The attempt to answer these questions leads to epistemology , the branch of philosophy dealing with the origin, scope, and validity of human knowledge. In the epistemological debate, there are two archetypal and actually
One of the implications that can be logically deduced from the irrefutably true axiom of human action is that human action is purposeful (or conscious ) action — action that is directed at attaining certain ends. This insight is essential for fully understanding Mises’s reconstruction of economics as a formal-logical science (praxeology, as he
In 1953, Ludwig von Mises wrote, The sound-money principle has two aspects. It is affirmative in approving the market’s choice of a commonly used medium of exchange. It is negative in obstructing the government’s propensity to meddle with the currency system. And further, It is impossible to grasp the meaning of the idea of sound money if one does
I. The saying that things may work nicely in theory, but do not necessarily work in practice is well known. It is typically meant to disparage the importance of theory, suggesting it would be too far removed from practical matters to help in solving the issue at hand. The Prussian philosopher Immanuel Kant (1724–1804), in his 1793 essay “On the
Some economists have been arguing that the “equilibrium real interest rate” (that is the “natural interest rate” or the “originary interest rate”) has become negative , as a “secular stagnation” has allegedly caused a “savings glut.” The idea is that savings exceed investment, and that a negative real interest rate is required for bringing savings
Yuval Noah Harari, catedrático de historia de la Universidad Hebrea de Jerusalén, no sólo es un autor de superventas, sino también uno de los principales asesores de Klaus Schwab, fundador y máximo responsable del Foro Económico Mundial (FEM). En 2018, Harari escribió : «Por desgracia, el ‘libre albedrío’ no es una realidad científica. Es un mito
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.